June 2007/5

AmWINS Group, Inc, the private equity backed-US wholesale broker linked with a move for London market broker Besso Group, has bought The American Equity Underwriters, Inc, (AEU) and refinanced its debt to fund further “strategic acquisitions”.

ACE Tempest Re Group, the reinsurance arm of ACE Ltd, has established an underwriting presence in Lloyd’s Chinese operation.

The announcement in Parliament last week that the Government will examine changes to the 1982 Lloyd’s Act is likely to encourage some frenetic lobbying.

Ousted American International Group (AIG) supremo Maurice “Hank” Greenberg has countersued his former employer claiming the US giant’s board and new management are “seriously damaging” the company.

Insurers, brokers and rating agencies have put their weight behind legislation that proposes an extension of the Terrorism Risk Insurance Act (TRIA) from a temporary programme to a more permanent ten-year facility.

Swiss (re)insurer Zurich Financial Services Group (ZFS) announced the establishment of a new division for its direct business in Europe effective 1 July, with a subsequent internal management re-shuffle.

CastlePoint Insurance Company, the US subsidiary of Bermudian (re)insurer, Castlepoint Holdings Ltd announced a risk sharing agreement with a Florida-based workers’ compensation and commercial auto specialist, AequiCap Insurance Company and its subsidiary

The board of Fairfax Financial Holdings controlled reinsurer Odyssey Re has authorised a share buyback programme, the company announced.

Bermudian property cat specialist IPC Holdings Ltd has executed around half of its authorised share repurchase programme in the second quarter of 2007, it announced last week.

The alleged poaching dispute between Gen Re and Arch took a new turn last week, when the temporary restraining order granted against Arch Capital and four former Gen Re executives in May was lifted and replaced by an agreed-upon order between the parties.

Shipowners were warned last week about the growing threat of piracy around the Horn of Africa.

Lloyd’s (re)insurance broker, Newman Martin and Buchan Ltd (NMB), has become the latest intermediary to launch a capital markets division, which will be headed by alternative risk transfer veteran Mark Burbidge and senior reinsurance player, Paul Dunster.